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I don't think that segwit will be able to empty the mempool.
Three weeks ago, the membool was under 5MB, now we have over 100MB.
The only explanation for such an increase is in my eyes that somebody does this on purpose to slower the network.
I have read a few times already that the user must activate segwit. If he does not, transactions will be like always.
That means the spammer will simply not activate it. And the pool stays full.
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To reason number 1:
I do not think you can compare bitcoin to gold.
Of course they can both seen to be an investment and a form of payment.
But gold is needed by the industry as well.
That is a very big advantage compared to bitcoin because it ensures a certain degree of demand, and that always!
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Pump and dump events are made by people with serious cash.
You need to have enough money to pull such a show off.
The normal user can ride such a wave, the risky thing is that you have to know where it starts and where it ends.
If you can not define those points, you will be the one feeding the string-puller your money.
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Okay, but how to do the upgrade? At first after segwit I got this feeling that fee was reduced. I sent something which cost $150 at that time, payed something like 70 cents and got transaction confirmed within half an hour. But then about a week ago I wanted to send a small amount of money, worth $10, and had to pay $1 and something for the transaction! I remember that it has always been like that, if you send small sums - you pay more. But this is too much.
If I have a blockchain.info wallet, how can I upgrade to segwit transactions?
SegWit wasn't fully activated until yesterday, so that time you payed the lower fee was during a time of less transaction traffic. There was a timeframe of about 3-4 weeks between mid-Juli and mid-August were the network wasn't as congested as it is right now. That we are currently seeing hashrate oscillations between BTC and BCH doesn't help much either. Either way we are in a bad situation right now. Let's see how things improve once SegWit transactions become more common. Also LN can't arrive soon enough. I still see the spam problem and nobody was able to explain it to me yet. If a majority of the transactions we see at the moment are spam, and segwit needs to be activated by the user, how will segwit help to decrease the mempool? The guys who make the spam transactions will simply not activate segwit. Or have I missed something? |
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Segwit does have to be activated by the users, right?
If it is not activated then your transactions are handled like always.
I was wondering the following thing:
If there is a large amount of spam transactions like many people here assume, they will presumably not stop because who ever sends them will not use Segwit.
Is that estimation correct?
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Of course we need blockchain technology.
I really do not know much about coding, but the blockchain technology is something that makes storing information safer and protects it from being altered.
That is something very important in the IT business.
Many businesses try options to use this technology for their purposes, sooner or later we will see it in many forms in our every day life.
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it is the effect of bitcoin cash, this time it was the cause of rising fees in bitcoin! BCH presented miners with a golden opportunity to make a large amount of profit but only for a short period of time. surely like any logical person with a business would do, they took that opportunity. that opportunity was the artificially low difficulty which made mining it easier. and them switching temporarily to BCH mining left bitcoin with lower hashrate and longer blocks and increased the number of unconfirmed transactions and as a result increased the fees. suffice it to say that things are coming back to normal now that BCH is less profitable to mine and will soon turn into a "lose money if you mine" kind of thing. The problem with BCH difficulty is that it adopts faster than difficulty with bitcoin. That means miners will switch frequently from BTC to BCH and back, wherever more profit can be made. For BCH that is not such a bit problem, because the number of transactions made there is very low. For BTC with a large amount of transactions it is more a problem. |
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Wasn't there something with a patent application Craig and some partners filed shortly after claiming to be Satoshi?
I think I have read something like that in the news and it was discussed here as well.
It all seemd to be some big publicity action to support his claim to get those patents that were about blockchain technology, if I remember correctly.
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Warren Buffett has no bitcoins.
They do not match with his investment strategy. Buffett mainly invests in underevaluated businesses.
Concerning bitcoins he once gave the advce: 'Stay away from it!'.
Buffett is turning 87 in six days. I am raltively sure that crypto currencies are too far away from the stuff he used to work with for decades.
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How think what price BTC will be after 23 August?
I think $4500
currently we have already activated segwit but the price seems to be going nowhere. I do expect something like a $300 rise in price, as you said i think that $4500 should be possible. We could potentially break the all time high once again, if the conditions are right(people are optimistic, traders have buying power, and BCC crashing would help too). This will probbaly happen in 2-4 days time, it's not happening now because not all bitcoiners know that segwit has been activated yet. Some are still sleeping. Though don't get too risky and invest everything you own, it's likely that we won't see a pump of the magnitude of the last one in this month. I think the price will increase the next few weeks. Segwit is now active and it seems like it has worked. From what other guys told me, people have to start using segwit and then it will show its true potential. I expect the size of a block to increase, the mempool to decrease and the transaction to be faster again. That all ends up in an increase of bitcoin price within a month. At least in my opinion. |
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Just the same way stocks lose value, bitcoin can also lose value but that value loss doesn’t seem to be in the nearest future because bitcoin is the new order of the day. Bitcoin is going to keep increasing and increasing till no man say.
humbly saying mates! But I am not agree with you ere because I am sure bitcoin is going to rock the floor of the stock market and the price and the Importance of the bitcoin is growing very fast and it is increasing the users of the bitcoin and more people are using bitcoin it makes bitcoin more popular so I think bitcoin is increasing the importance and the worth but not decreasing. I do not think that bitcoin can lose its value completely. I am sure there is a groupe of hardcore bitcoin fans who already got rich with bitcoin. They will support bitcoin, no matter what. But they can only do that to a certain limit. I think that bitcoin could fall in a really worst case scenario to a few hundred dollars, but not beyond it. |
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There are security risks you can minimize like how carefully you handle your coins.
Using an extra computer for your bitcoin activities, paper wallets, not storing passwords on your computer, that all can help you preventing your wallets being compromised.
And there are other risks you can not influence.
Legal troubles with bitcoin can be one of them, price fluctuations another one.
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I think that bitcoin has become less affected of this game.
The amount of money you have to use to produce a pumping effect with bitcoin simply is too big.
For other coins that works perfectly fine. The guys behind it have done it several times and it always works for them.
I suppose the pump-dump-game will exist as long as crypto currencies will exist.
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This might be a silly question... but shouldn't we see something?
I mean, segwit is now active, but where is the difference?
The size of the mined blocks still looks as big as before, the mempool is as full as it was, too.
The only thing that I can notify is that one little dwarf block with 0.3kb size.
Does this all take more time? Or is segwit working perfectly and I just don't get it?
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Bitcoin will survive.
But if it's going to be as the number one cryptocurrency in the world, that needs to be seen.
There are more and more competitors coming up.
More struggles within the bitcoin community and the developers.
Especially those struggles need to be settled in a way that we will not face another fork.
Forks are good for miners and traders. But not for the average bitcoin user.
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I think that bitcoin can be a legal form of payment in a nation.
But it can not be the only currency in a nation.
A country has to be able to controle and influence its currency in order to react on changing economical conditions.
With bitcoin that is not possible.
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I am wondering what 'goind into Bitcoin' really means.
There are many people who simply change their employer. Like all thos guys working for bitpay.
They have quit their old job and now work for another company.
And then there are those people, I would consider them to be self employed. Traders for example.
But if you are asking about a number of how many people make a living from bitcoin in any kind, I would say there are not much more than a couple of thousand.
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I would not underestimate the risk.
There are a lot of things that can go wrong.
The price can decrease because of another crypto currency, your wallet can be compromised, your keys can get lost.
An Investment in bitcoins is something you have to keep an eye on.
Just buying the coins and sitting back, I don't think that is a whise recommendation.
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I think there are two groups of forkers:
Those who actually want to improve things, and those who see the fork as an option to make money.
For the second group, they do not care what the consequences for the whole cryptocurrency sector are.
Even if that would be the end of all crypto.
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Honestly I still do not see the real use of bitcoin cash.
8MB blocks are a fine thing, unfortunatelly they are all nearly empty.
I think of Bitcoin Cash more as a temporary fashion.
BTC and BCH will turn out to be something like ETH and ETC most likely.
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